Flood Insurance

Dear Readers,
I've been working with a young couple who is relocating to Wenatchee from Sparks, Nevada. After spending several weeks looking at Wenatchee real estate, including existing houses and a slew of options in new construction, they've more or less settled on having a home built in a new subdivision in Wenatchee. The one drawback to this particular subdivision is that it's in a designated flood zone. It's not that we're particularly concerned about flooding BUT you never know and it IS in a flood zone, so we have to deal with the consequences.

The Federal Emergency Management Agency ( FEMA ) controls the regulations overseeing this issue. The consequence of being in a blood zone means the builder has to work with certain Federal regulations AND the buyers have to secure flood insurance. Flood insurance rates will depend, among other things, on the insurance company and the type of construction of the home (whether it has a basement or not and how deep the crawl space is if there is no basement). It's actually better not to have a basement in a flood zone because, if there ever is a flood, the crawl space would get flooded not the basement where it would cause actual damage to the interior of the home and the contents.

If you ever consider purchasing a home or investment property in a designated flood zone, do your insurance rate research before finalizing a Purchase and Sale Agreement.

Not all flood zones are created equal... so do your due diligence and make an informed decision.

Have a great week!
Carol

509-670-7840
Carol@TopPropertiesWenatchee.com
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